NEW YORK (TheStreet) -- Shares of Kandi Technologies (KNDI) were falling 12.8% to $14.92 Monday despite the company reporting positive results for the third quarter.

The China-based electric vehicle maker reported earnings of 12 cents a share for the third quarter. Revenue grew 157.78% year over year to $44.21 million for the quarter, up from $17.15 million in the year-ago quarter.

Kandi Technologies said that electric vehicle parts sales increased 107.9% from the previous quarter to $35.81 million from $17.22 in the second quarter. The company said it sold 1,950 electric vehicle in the third quarter.

The company had $62.5 million working capital surplus as of Sept. 30, 2014, compared to a working capital deficit of $24 million as of Sept. 30, 2013.

TheStreet Ratings team rates KANDI TECHNOLOGIES GROUP as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate KANDI TECHNOLOGIES GROUP (KNDI) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and increase in net income. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and poor profit margins."